LONDON (Standard&Poor's) Nov. 25, 2005--Standard&Poor's Ratings Services said today that it assigned its 'BBB' long-term subordinated debt rating to the €150 million proposed fixed- and floating-rate notes to be issued by Denmark-based insurer Tryg Forsikring A/S (Tryg; A-/Stable/--), which is part of TrygVesta A/S. The indicative rating on the notes is subject to confirmation following receipt of final documentation. "The notes are expected to be eligible as hybrid equity according to our criteria based on their subordination, 20-year maturity, and discretionary interest-deferral features," said Standard&Poor's credit analyst Mark Coleman. The proceeds will enable TrygVesta A/S to repay its existing Danish krone 700 million subordinated loan from Tryg i Danmark smba (TiD; not rated), and
